Own Risk and Solvency Assessment (ORSA) Programs - In-Person
Master Risk Management with the ORSA Program
The Own Risk and Solvency Assessment (ORSA) Programs – In-Person CPE Training Event is your opportunity to gain a comprehensive understanding of regulatory compliance under the ORSA program. Tailored for professionals in the insurance industry, this training covers the essential elements of risk management, integrating ORSA with enterprise risk management (ERM), and promoting financial stability. Participants will walk away with actionable insights and 4 CPE credits, advancing their expertise and career within this highly regulated sector.
Why Attend?
Earn 4 CPE Credits - Enhance your professional qualifications while mastering ORSA program implementation and compliance.
Stay Ahead of Regulatory Demands - Gain in-depth knowledge of ORSA regulations and how they impact the insurance industry.
Strengthen Risk Management Frameworks - Learn to develop robust internal controls and risk assessment processes aligned with industry standards.
Leverage Best Practices - Explore proven strategies for designing and maintaining an effective ORSA program.
Gain Strategic Insight - Understand the role of boards and senior management in identifying and managing risks.
What You’ll Learn
This CPE training event is designed to provide a well-rounded understanding of the ORSA program and its practical application. Learning objectives include:
Understand the ORSA Framework - Explore the key components of the ORSA model, including risk management, capital adequacy, and stress testing.
Achieve Regulatory Compliance - Learn about NAIC guidance and regulatory mandates for ORSA implementation and maintenance.
Develop Risk Management Strategies - Address the link between ORSA and enterprise risk management (ERM) for a seamless integration of processes.
Create and Monitor ORSA Programs - Master the steps to design efficient, compliant, and scalable ORSA frameworks tailored to organizational needs.
Foster Leadership Engagement - Enhance cooperation between the board, senior management, and key stakeholders in the ORSA process.
Prepare the ORSA Summary Report - Gain clarity on documenting findings and reporting key assessments effectively.
Adopt Best Practices for Risk Management and Compliance - Explore creative solutions to common challenges while ensuring compliance and operational efficiency.
Course Highlights
Comprehensive Overview of ORSA Programs - From its role in risk assessment to its impact on financial stability, understand how ORSA integrates with broader risk management initiatives.
Integration of Advanced Risk Tools - Explore scenario analysis, stress testing, capital adequacy, and the importance of documentation in ORSA processes.
Focus on Regulatory Reporting - Learn how to craft insightful, accurate reports that meet regulatory expectations and enhance organizational decision-making.
Tailored Guidance - Develop policies and internal controls that reflect your organization’s specific structure, resources, and compliance mandates.
Key Agenda Topics
Introduction to ORSA Programs - Overview of the program’s regulatory background and importance in the insurance industry.
ORSA Compliance Essentials - Explore the operational implications of the NAIC Risk Management and ORSA Model Act.
Risk Management Frameworks - Learn to build and sustain a comprehensive risk management system encompassing all critical organizational areas.
ORSA Components - Detailed discussions on capital adequacy, stress testing, and scenario analysis to evaluate organizational solvency.
Roles of Governance - Understand the responsibilities of the board and senior management in shaping risk culture and overseeing the ORSA program.
ORSA Summary Report - Learn to draft clear and concise reports as part of ORSA compliance, with actionable insights.
Challenges and Opportunities - Recognize common barriers to implementation while leveraging compliance to improve risk management and financial stability.
Best Practices for ORSA - Identify effective strategies for integrating ERM frameworks and ensuring consistent reporting alignment.
Event Details
- Format: Live, interactive seminar with expert-led discussions and case studies.
- Schedule:
- Friday: 8:45 a.m. – 12:30 p.m.
- CPE Credits: Earn 4 NASBA-approved hours in Auditing.
- Cost: $420 per attendee.
- Location: Held across major cities nationwide, with private training available for tailored organizational needs.
- Audience: Insurance professionals responsible for internal controls, risk management, and compliance with regulatory standards.
Who Should Attend?
This program is ideal for intermediate to advanced professionals in the insurance industry, particularly in roles requiring expertise in risk oversight and compliance, including:
- Risk Managers focused on designing and implementing ORSA processes.
- Internal Auditors ensuring frameworks align with regulatory and organizational goals.
- Compliance Officers aiming to improve adherence to NAIC mandates.
- Senior Executives and boards of directors seeking deeper insights into ORSA’s role in governance.
Why ORSA is Critical in the Insurance Industry
The Own Risk and Solvency Assessment (ORSA) program is a vital tool for safeguarding organizational stability and ensuring a proactive approach to regulatory compliance. By better understanding the nature of risks, their implications, and emerging trends, insurers can not only comply with NAIC mandates but also enhance their financial resilience and operational effectiveness.
Register Today
Take charge of your organization’s risk management and compliance needs with this high-impact CPE training. Develop skills essential for managing the demands of ORSA regulations while advancing your professional qualifications through 4 CPE credits.
Register now for the Own Risk and Solvency Assessment (ORSA) Programs – In-Person CPE Training Event, and empower yourself to drive operational integrity and compliance excellence!
Details on Event Presentation
The sessions will be as follows:
Friday – 8:45 a.m. to 12:30 p.m.
Offered in-person in various cities.
CPE Event Highlights
The Risk Management and Own Risk and Solvency Assessment (ORSA) Model Act is a regulatory framework developed by the National Association of Insurance Commissioners (NAIC) to promote effective risk management practices in the insurance industry. The purpose of the ORSA model is to help insurers identify, assess, and manage risks that may affect their solvency and financial condition.
The following content is within this CPE training event:
1. Risk Management Framework: ORSA requires insurers to establish and maintain a comprehensive risk management framework that identifies, assesses, and manages the insurer's risks.
2. Internal Control System: The insurer has to implement an effective internal control system that supports the risk management framework.
3. Own Risk and Solvency Assessment (ORSA): ORSA requires insurers to conduct an ORSA that evaluates the adequacy of the insurer's risk management practices and the sufficiency of its capital resources. The program should be integrated into the insurer's business planning and budgeting processes.
4. Board and Senior Management Oversight: The board of directors and senior management of the insurer are actively involved in the risk management and ORSA processes.
5. Reporting and Disclosure: ORSA requires insurers to provide regular reports to their board of directors and regulators on their risk management practices, internal control system, and ORSA.
Learning Objectives
The Learning Objectives include:
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Understand the regulatory requirements for ORSA programs.
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Gain an in-depth understanding of the key components of ORSA programs, including risk management frameworks, scenario analysis and stress testing, capital adequacy assessment, documentation and reporting, and integration with other processes.
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Learn about the steps involved in developing and implementing an ORSA program. This includes the resources needed, the common challenges and how to overcome them, and the importance of effective risk management.
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Gain an understanding of the best practices for developing and implementing an ORSA program.
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Learn about the role of the board of directors and senior management in the ORSA program.
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Develop an understanding of the ORSA Summary Report.
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Gain an understanding of the relationship between ORSA and enterprise risk management (ERM) programs.
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Learn about the challenges and opportunities of ORSA compliance for insurance companies, including how ORSA compliance can improve risk management and financial stability.
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Key Issues on the Agenda
I. Introduction
- Brief overview of ORSA
- Importance of ORSA for insurance companies
- Key objectives of this CPE event
II. Background on ORSA
- Regulatory requirements for ORSA
- The NAIC ORSA Guidance
- Role of ORSA in the Solvency II framework
III. Components of ORSA
- Risk management framework
- Scenario analysis and stress testing
- Capital adequacy assessment
- Documentation and reporting
- Integration with other processes
IV. ORSA Programs
- Annual steps in an ORSA program
- Resources needed for ORSA
- Common challenges
V. ORSA Summary Report
- Purpose of the ORSA Summary Report
- Key elements of the report
VI. ORSA, Enterprise Risk Management (ERM) and MAR
- Relationship between ORSA, ERM and MAR
- Benefits of integrating programs
VII. ORSA Best Practices
- Best practices for developing and implementing an ORSA program
VIII. Conclusion
NASBA Program Disclosure
Program Level of Understanding: Intermediate to Advanced
Prerequisites: None
Advance Preparation: None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 4, based on 50 minutes of instruction per hour.Summary of the Subject Matter
This CPE event concerning Own Risk and Solvency Assessment (ORSA) programs will provide an in-depth understanding of the key components of ORSA programs and their importance for insurance companies. Participants will learn about the regulatory requirements for ORSA, best practices for developing and implementing an ORSA program, and the challenges and opportunities of ORSA compliance. The program will also cover the ORSA Summary Report, the role of the board of directors and senior management in the ORSA program, and the potential consequences of non-compliance with ORSA regulations.